Technical analysis

CADJPY Wave Analysis 8 March, 2021

CADJPY Wave Analysis 8 March, 2021

• CADJPY broke resistance level 84.4

• Likely to rise to resistance 87.00

CADJPY continues to rise inside the strong weekly upward impulse which previously broke the long-term resistance level 84.4 (which has been reversing the price from the start of 2019).

The breakout of the resistance level 84.4 coincided with the breakout of the resistance trendline of the weekly up channel from November.

Given the prevailing uptrend  – CADJPY is likely to rise further toward the next resistance 87.00 (target price for the completion of the active weekly impulse wave (3)).

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